By Nkechi Eze
The Nigerian Financial Intelligence Unit (NFIU) has hailed the depth of inter-agency collaboration and sustained national reforms that culminated in Nigeria’s exit from the Financial Action Task Force (FATF) Grey List and the European Union’s list of high-risk third countries, describing the development as a landmark validation of the country’s anti-money laundering and counter-terrorism financing efforts.
Nigeria was removed from the FATF Grey List in October 2025, while the European Union has announced its intention to delist the country from its Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) high-risk third country list by the end of January 2026. According to the NFIU, these decisions by leading global financial integrity bodies reflect the credibility, depth and sustainability of the reforms Nigeria has implemented since 2023.
In an official statement signed by the Chief Executive Officer of the NFIU, Hafsat Abubakar Bakari, the agency noted that while it has played a central role in ensuring Nigeria’s compliance with international AML/CFT/CPF standards, the achievements were the result of a whole-of-government and whole-of-society approach to combating illicit finance.
The NFIU extended its appreciation to Ministries, Departments and Agencies, the Legislature, the Judiciary, the private sector and non-profit organisations whose coordinated actions and commitment, it said, were instrumental to the country’s successful delisting.
Commenting on the milestone, Bakari described the decisions of the FATF and the European Union as clear proof that Nigeria’s reform agenda is working. “Nigeria’s exit from the FATF Grey List and the European Union’s high-risk third country list reflects the strength of our collective resolve and the effectiveness of sustained, coordinated reforms. This milestone underscores our commitment to upholding global standards on anti-money laundering, counter-terrorism financing and counter-proliferation financing, while reinforcing international confidence in Nigeria’s financial system,” she said.
She further acknowledged that the progress recorded was made possible by the guidance and political will of President Bola Ahmed Tinubu, GCFR, noting that his commitment to building a safe and prosperous Nigeria provided the foundation for the reforms.
Strategic leadership and policy coherence, the NFIU explained, were driven through the Inter-Ministerial Committee on AML/CFT/CPF under the direction of the Honourable Attorney-General of the Federation and Minister of Justice, the Honourable Minister of Finance and Coordinating Minister for the Economy, the Honourable Minister of Interior, and the Honourable Minister of State for Finance. Their oversight ensured sustained momentum throughout the reform process.
The agency also highlighted the critical contributions of the Ministers of Aviation, Budget and Economic Planning, Defence, Industry, Trade and Investment, and Solid Minerals Development, whose sectoral interventions helped to establish a secure and enabling regulatory environment across key areas of the economy.
On the security front, national coordination of terrorism and terrorism financing risks was strengthened under the leadership of the National Security Adviser, with enhanced inter-agency collaboration playing a decisive role. Regulatory and supervisory effectiveness was reinforced by the Central Bank of Nigeria, the Securities and Exchange Commission, the National Insurance Commission and the Special Control Unit Against Money Laundering of the Economic and Financial Crimes Commission through improved risk-based supervision, stricter market entry controls, more effective suspicious transaction reporting and the application of targeted financial sanctions.
Progress in corporate transparency, a critical pillar of the reforms, was driven by the Corporate Affairs Commission alongside the Nigeria Export Processing Zones Authority and the Oil and Gas Free Zones Authority, through the deployment of systems aligned with international best practice.
The NFIU noted that law enforcement outcomes were strengthened through the work of the Nigeria Police Force, the EFCC, the Independent Corrupt Practices and Other Related Offences Commission, the Department of State Services, the Defence Intelligence Agency, the National Drug Law Enforcement Agency and the Code of Conduct Bureau, particularly in the investigation and prosecution of high-risk predicate offences.
At Nigeria’s borders and ports of entry, the Nigeria Customs Service, Nigeria Immigration Service, the Federal Airports Authority of Nigeria and the Nigeria Civil Aviation Authority played key roles in detecting and prosecuting cross-border cash smuggling and the illicit movement of high-value goods, with the EFCC providing advanced investigative and prosecutorial support.
Safeguards in the non-profit sector were also strengthened through the efforts of SCUML and its domestic and international partners, reducing the risk of terrorist abuse of charitable and non-profit structures.
Reinforcing the importance of sustained collaboration, Bakari stressed that the delisting outcomes were not incidental. “The successful delisting of Nigeria from the FATF Grey List and the EU AML/CFT list is a clear signal that our reforms are deep, credible and sustainable. It reflects years of disciplined implementation across government, law enforcement, the judiciary and the private sector,” she said.
Strong prosecutorial outcomes and international cooperation, the statement added, were achieved through the leadership of the Federal Ministry of Justice, particularly in securing convictions, facilitating mutual legal assistance and enabling the recovery and repatriation of illicit assets. The Judiciary, especially the Chief Judge and Justices of the Federal High Court, was commended for timely adjudication and the imposition of proportionate and dissuasive sanctions that serve as effective deterrents.
The NFIU also acknowledged the role of the National Assembly, noting that legislative backing from the President of the Senate, the Speaker of the House of Representatives, principal officers and relevant committees provided the robust legal framework required to sustain the reforms.
According to the agency, the contribution of the private sector and non-profit organisations, particularly compliance officers across financial institutions, designated non-financial businesses and professions, and virtual asset service providers, remains central to the effectiveness of Nigeria’s AML/CFT/CPF framework.
Reaffirming a forward-looking posture, Bakari concluded that “this achievement belongs to Nigeria and its partners. The NFIU remains steadfast in its resolve to deepen cooperation, enhance intelligence-led supervision and ensure that Nigeria continues to meet and exceed global AML/CFT/CPF expectations.”
As Nigeria consolidates these gains and prepares for its next AML/CFT/CPF Mutual Evaluation, the NFIU said it remains committed to sustained partnership, vigilance and innovation to safeguard the integrity of the nation’s financial system.
